Saturday, 29 July 2017

The senate report reads in part: “No doubt there is a disturbing evidence of Foreign exchange ‎hemorrhage in Nigeria especially in this period of recession.

“MTN Nigeria for instance repatriated over $1.3 billion annually since 2006, or $13.92 billion between 2006 and 2016.

“Just for one company, the phenomenon constitutes a huge outflow that could pose challenges for Foreign exchange and National monetary ‎stability”.

The Senate also directed the Central Bank of Nigeria, CBN, to sanction Stanbic IBTC for improper documentation in respect of capital repatriation and loan repayment amounting to $388 million and $199 million respectively.

No comments:

Post a Comment

About Me

My name is Anna Iyeyemi, am a blogger, Fashion enthusiast. I Love to travel, am a social butterfly. My blog explores Diy's#Fashion#curlinary#lifestyle. So come take a journey with me, as we explore different aspects of life.